Mining Minerals & Metals Share Discussion Threads

[slj] 20/1/2006 17:35

20/01/06
Glencar hopeful on Mali drilling

By Brian O'Mahony, Chief Business Correspondent

GLENCAR Mining's share price has trebled in recent weeks following good drilling results in Mali.

The shift from 2.5p sterling (3.6 cent) to 8p (11.6c) has been precipitated by the discovery of high density gold deposits.

These could mean decent returns for shareholders within the next few years, provided findings in Mali deliver in the long term.

A significant number of holes have been driven in the past few months with exceptional results.

Glencar chief executive Hugh McCullough said yesterday: "I have never seen anything like this in 20 years of drilling for gold."

As well as that the group says previously reported high grade deposits have been confirmed and upgraded following completion of further assessment of the areas previously drilled.

Glencar is optimistic and hopes by the middle of next year to have a commercial gold mine on its hands.

Within the next week the Dublin-based group is due to sign off on a $12 million (€9.9m) investment programme with Gold Fields, one of the world's major gold producers.

The deal involves the Mali gold project, but involves separate drilling areas to the ones already proven by Glencar.

[alfred palfred] 20/1/2006 14:58

I would agree with the previous 4 or 5 posts if there were no institutional interest... but there is.

Institutions do not get board. They earn there dough by being able to maintain the most boring positions that ultimately will prove to be fruitful. Very fruitful.

Alfred

[liarspoker] 20/1/2006 12:39

I closed my T20 early this week. Free cash !! Will keep watching and hopefully I'll be able to buy back in lower.

[pecker1] 20/1/2006 12:32

I'm rather surprised the drilling results have not generated more interest, given the geographic location and proximity to several large mines. IMHO, these are some of the best grades and widths I've seen on an exploration project. Looking forward to the next round of drilling.

Would be good to hear from a mining geologist if there any out there.

[spaceparallax] 20/1/2006 11:57

Can't blame you Jacko - if this one follows typical patterns, the SP's likely to return to the 4p region unless there's substantial supporting news quite quickly. Many investors jumping on board become bored when nothing happens and the realisation sets in that we're a long way from actaually making any money. Extreme patience is required, plus a little fortune in securing third party interest.

[jackohelp] 19/1/2006 22:12

i took profits, now have a free holding. needed the money!

[spaceparallax] 19/1/2006 17:44

The post RNS euphoria appears to be tailing off - interesting to see how much gain we retain.

[happyblackbunny] 18/1/2006 14:59

wow, lots of sells...

no idea on Gold Fields JV, but friday's RNS did mention that they are in the finalising stage.

[bennie buffett] 18/1/2006 10:22

Any idea on update/sign-off of Gold Fields JV??

[happyblackbunny] 17/1/2006 11:54

IMO: being already factored into the share price, Friday's RNS no doubt pushes the share price up only slightly.... but 10% is not bad at all, considering it has already gone up by more than 110% pre friday's RNS.

However, more momentum can be expected in the share price, pull factors being future news with regards to Gold fields and drilling results of the additional 900 metres south. and not to forget, Komana is only ONE of Glencar's MANY projects.

all IMO. although i have to say that a dip now and then due to profit takers is inevitable, as is typical with every share. just got to remember not to lose sight of the big picture.

[jackohelp] 17/1/2006 10:00

there's one reason a 350k sell just come thru.

[tonudiki] 17/1/2006 09:52

I have mixed feelings about yesterdays share price movement. I'm disappointed on the one hand as I expected a bigger move upwards than actually happened but, on the other hand, I was delighted to increase my spread bet by £400 per point at such cheap prices given the Komana results announced so far.

The potential from the quality of the sample grades so far and the extension of the mineralised zone by at least a further 900 metres to the South is (IMHO) now seriously undervalued by the market.

[jackohelp] 17/1/2006 09:45

look how it moved last time over a 1-2 week period.....do you want to risk that by profit taking.

[happyblackbunny] 17/1/2006 09:27

halifax has taken GEX off online trading.. all trades route to dealer.
hmmm... i see some people are starting profit taking.

[bennie buffett] 16/1/2006 17:33

There is a lot of small irish shareholders who I no doubt have been getting out as they have been waiting a long time for something to happen with glencar. I think big buys coming out of London rather then Dublin.

[slj] 16/1/2006 16:26

For information - DAVY is on the bid.

[thecynical1] 16/1/2006 16:03

afternoon all...has there been a big sell which is not showing? this looks to me today like there is smart money going in and small punters ( who have possibly been waiting for break-even ) are getting out ? anybody share this idea? does anybody know what percentage of the shares are held by Davy clients ? would be very interesting to hear.....has the "Phoenix" ever commented on GEX ? anybody know ?

[happyblackbunny] 16/1/2006 13:18

another nice uptick... :) (oops... spoke too soon... :( )

[liarspoker] 16/1/2006 13:05

Thanks Bennie - good news indeed !

[bennie buffett] 16/1/2006 12:28

Glencar Mining (GEX ID)
Komana West drilling update
Previous close: 10.5c Target: 15.2c (05/08/05) Analyst: [e-mail]
Glencar has announced the remaining assay drill results from the drilling programme it is currently conducting on its Mali
property in West Africa. These results are up to best expectations, confirming ore grade mineralisation over extensive widths.
Moreover, there is still extensive untested potential.
Gold mineralisation has been established over a strike length of 800 metres and, while drilling is still not of sufficient density
for confirmation, these initial results suggest a continuous 450 metre long zone mineralised down to 60 metres depth.
This is excellent news for shareholders and suggests strongly that Glencar may be well on its way to establishing a third
significant West African gold project.

[happyblackbunny] 16/1/2006 10:00

Friday's RNS has definitely removed a big chunk of punt/risk, so there could only be upside from hereon... and yes, i do agree that the price has been factored in, by the looks of things.... though the 10% increase is not at all bad.

[pecker1] 16/1/2006 08:40

Given the location I reckon that Randgold and Anglogold will be watching this closely as well as Gold Fields. Drilling so far is to relatively shallow depths. As well as extending the strike length, GEX will no doubt want to discover what lies beneath at depth.

[liarspoker] 16/1/2006 08:23

A lot has been factored in from the previous RNS imo. But the exciting part isn't what is covered in the RNS but the future possibilities of GEX.

Multibagger from here if all goes well for sure.